What is projected benefit in SAP PA-BN - Benefits?

SAP Term: projected benefit

• Component: PA-BN

• Component Name: Benefits

• Description: The anticipated benefit from a retirement plan, as calculated by a third party plan administrator.

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• Key Concepts: 
  Projected benefit is a feature of SAP Benefits Management (PA-BN) that allows employers to estimate the cost of benefits for their employees. It takes into account factors such as salary, age, and other demographic information to calculate the estimated cost of benefits. This feature helps employers to plan their budget and make informed decisions about their benefits offerings. 
  
  How to use it: 
  To use the projected benefit feature, employers must first enter the relevant employee information into the system. This includes salary, age, and other demographic information. Once this is done, the system will calculate the estimated cost of benefits for each employee. Employers can then use this information to plan their budget and make informed decisions about their benefits offerings. 
  
  Tips & Tricks: 
  When using the projected benefit feature, it is important to ensure that all employee information is accurate and up-to-date. This will ensure that the estimated cost of benefits is accurate and can be used to make informed decisions about benefits offerings. 
  
  Related Information: 
  The projected benefit feature is part of SAP Benefits Management (PA-BN). Other features of this module include employee self-service, flexible benefit plans, and reporting capabilities.